Quote:
Originally Posted by JDMDreams
How does this work? They give you a new car? But you can't get a new car or car parts lol
Never had the luxury of a new car   |
It's basically insurance where the company pay out the difference between what ICBC values the car at and MSRP of a current year equivalent of your vehicle.
This is the example they put in the policy notes.
You buy a New Vehicle for $60,000 from your Dealer, of which $50,000 is borrowed. You buy an OPTIOM PLUS Policy and your car is stolen one year later and not recovered. At the time your car is stolen, you still owe $45,000 to your Lender/Lessor. Your Primary Auto Insurer pays you $40,000. The MSRP Value of the Replacement Vehicle We Cover is $65,000. You will be entitled to a benefit of $25,000 comprised of a $5,000 payment to your Lender/Lessor to reduce the remaining balance and $20,000 to be applied as a credit through your Dealer towards the purchase/lease of a Replacement Vehicle We Cover. Also, if you paid a deductible to your Primary Auto Insurer we will reimburse you for this up to $500.
So the only thing that might suck is that you'll have to end up getting another vehicle from the same dealer. If you end up wanting something else I'd guess you'd have to take a hit and trade it in or something, lol.
Quote:
Originally Posted by BIC_BAWS
I have Optiom. Hopefully I never have to use it because apparently it's really hard to claim and they give you the run around. And you have to buy at the same dealership that you purchased from.
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Yeah, I've read both bad and good things about people trying to do claims. Guess it's hit or miss which person does your claims, maybe.